- 48 LAWS OF MARYLAND. [CH. 33

shall be filed with the Bank Commissioner, who shall issue his
certificate therefor, and one copy shall be filed with the State
Tax Commission. The corporation so formed shall have no
legal existence until all copies of the articles of association
have been filed for record as herein directed. The fee for filing
such articles of incorporation with the Bank Commissioner
shall be Ten ($10. 00) Dollars, and for filing amendments to
the articles of incorporation, Five ($5. 00) Dollars, all such
fees to be collected by the Bank Commissioner.

23, Sub-Section Sixth. To exercise, by its directors, duly
authorized officers or agents, all such powers as shall be usual
in carrying on the business of banking; by buying, discounting
and negotiating promissory notes, bonds, drafts, bills of ex-
change foreign and domestic, and other evidences of debt;
by, receiving deposits of money upon which interest may be
paid; by buying and selling coin and bullion, and by buying
and selling exchange, foreign and domestic; to accept for pay-
ment; at a Tu ture date, drafts or bills of exchange drawn upon
it, having not more than six months to run, which grow out
of transactions involving the importation or exportation of
goods, or which grow out of transactions involving the domestic
shipment of goods, provided shipping documents conveying or
securing title are attached at the time of acceptance, or which
are secured at the time of acceptance by a warehouse receipt
or other such document conveying or securing title covering
readily marketable staples; and to issue letters of credit au-
thorizing the holders thereof to draw drafts upon it or its
correspondents at sight or on time not exceeding one year;
and by loaning money on personal or real security, as provided
hereinafter.

31. An association for carrying on the business of savings
banking may be formed by any number of persons, not less
than fifteen, citizens of the United States, and a majority of
them citizens of this State, who shall enter into articles of
association which shall specify the object for which the asso-
ciation is formed and shall state: The name by which the sav-
ings institution is to be known, the village, town or city and
county where such institution is to be located, the names and
residences of the members thereof, the date on which it is
proposed to commence operations, the number of directors pro-
posed to manage the association's affairs, which shall not be
less than five, who must be members of the association, and
the names and residences of the directors who shall serve the